March 28, 2023, Safemoon LP compromised by hacker attackincluding more than $8 million.
The Safemoon team appears to be in touch with those responsible for the cryptocurrency theft, but there may be some dirt hidden in this story.
Let’s take a look together at the details of this most interesting case.
Safemoon LPs Hacker Attack Victims: $8 Million in Security Costs
On March 28, 2023, the Safemoon team will Said The LP is $8 million in crypto assets.
The attack was made possible by a vulnerability in Safemoon’s contract related to a feature called Safemoon. “Bridgeburn”.
This feature allows thieves to transfer user tokens to the developer’s address.
As a result, 32 billion SFM tokens were sent from Safemoon’s LP address (0x8e0301e3bde2397449fef72703e71284d0d149f1) to the deployer’s address (0x678ee23173dce625A90ED651E91CA5138149F590).
This will instant price pumpThis allowed the hackers to empty the LP, swap all SFM tokens to BNB and transfer them to this address.
address is only 6 days old, but already 27,380BNB worth $8.5 million.
The Safemoon team is in contact with the perpetrators of the hacking attack
Apparently, the person responsible for the theft was Contacted the Safemoon team.
how? Very simple via additional data (intended as text) that can be added to each transaction made on the blockchain.
The address used by hackers to send messages to the Safemoon team is 0x286e09932b8d096cba3423d12965042736b8f850.
Here is the message:
“Relax a minute. We accidentally put you on the front lines of an attack against you. We want to return the funds and set up a secure communication channel. Let’s talk.”
This conversation continued until an unknown user messaged the Safemmon team through the following address:
Here is the message:
“Let me advise you to seek help from a security company that has a good relationship with Binance to obtain the hacker’s personal information and involve law enforcement.
Hackers can only refund money if their personal safety is threatened, so it may be necessary to use the power of the underworld in hacker settlements.
I assure you this is the most effective approach. If you are not in the same country as the hacker (probably China), ask the community for help. The Safemoon community can reach a hacker’s house in half a day. ”
In a nutshell, unknown users are advised to rely on an on-chain research company that has a good relationship with Binance. This is because it turns out that the address involved in the theft had her previous transactions with Binance. holds personal data Thanks to “know your customer” (KYC) verification.
Unidentified users report that after discovering the hacker’s data and home address, the best strategy seems to involve the authorities and take action.
As of now, Binance has not issued any statement on the matter.
Safemoon hacker attack: What if the team was involved in the incident?
Some have speculated that the Safemoon team fabricated the whole thing and is responsible for compromising LP.
Especially the user with the nickname “Dune”.@factsudeny‘ posted the address involved in the theft that he said was related to Safemoon.
Cross-chain data indicates that these addresses match across different blockchains, but it is not yet possible to confirm this.
According to the Twitter community, this seems very strange:
Details of the attack show that at 10:52 AM UTC on March 28, 2023, the developers of the project implemented a “Bridge Burn” feature that allegedly enabled hackers to attack Safemoon LP. I’m here.
A few hours later, the attack took place.
Additionally, you should consider that previous versions of smart contracts did not have these vulnerabilities.
Many believe the Safemoon team was responsible for the attack
🚨 Someone abused the burn() function of #safe moon New smart contract wins nearly $9 million
I don’t know if I’d call it a “hack”, but it’s fun anyway 🤔
Check the thread for details⬇️
— hackenhacker.eth (@hackenhacker) March 29, 2023
How are SFM tokens working after the alleged hack?
today SFM token It seems to be recovering slightly, up 4.3% over the last 24 hours. The current price is $0.000189 per token, with a market cap of $105 million and a volume of around $1 million over the last 24 hours. Prices are far from all-time highs, which is $0.003 per token.this is Over 90% drawdown.
On March 28, the day of the alleged hack, the SFM token dropped sharply, going from $0.000239 to $0.000190 in a very short time. The percent change was -19%.
Given the strength and resilience of the community, this situation may not have caused major structural problems for the Safemoon token.
However, this highly speculative tokenno purpose of existence, no innovation in the blockchain space.
Additionally, it is important to note that this token was born following the success of Memecoin in 2021.there is high risk This project will die out in the next few years and will be replaced by new trends and innovations.